Canada Term Life Insurance Comparison

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Cheap Term Life Insurance Quote Comparison

Many Canadians feel they need some form of coverage however they may not be fully aware of the difference between term life and whole life insurance.

What is term life insurance? And what about term life versus whole life coverage; how does this compare? Why are term life insurance rates between different Canadian insurance companies so different?

These are the kinds of questions Canadians continually ask. If you are asking ‘What is term life insurance’ or feeling overwhelmed about your needs, talk to us. We can help. We can help you save money by finding you the best term life insurance rates while still getting the most suitable coverage you need.

What Is Term Life Insurance?

This is a very popular type of coverage in Canada and a great cost effective option when looking for coverage without a long-term commitment to a large premium.

Term life insurance provides excellent coverage for an affordable monthly installment and can last for a set number of years (usually 10, 20, or 30 years but any number can be requested). Once the policy expires, the benefits are cancelled even if the policyholder is still alive. Term insurance is a great option when looking for coverage without a long-term commitment to a huge policy.

When comparing quotes, you determine the number of years that the policy is valid so you retain complete control over the amount of the monthly premiums. Life insurance products available in Canada come with increasing or decreasing benefits that change over time.

The monthly or annual rates (also known as premiums) are paid based on the cost of the policy per $1000 of coverage and also based on the insured health and lifestyle. This flexibility adds to the attractiveness of these types of products.

Term life insurance policy can provide adequate coverage, as the amount of their mortgage and other living expenses tends to change for the better over their lifetime. Some established families opt to increase their term life insurance coverage during the years their children will be attending college and starting families of their own.

For example, we can layer a 10 year and 20 year term insurance policy and tailor it to what you need over the next 20 years as your needs decline due to your mortgage being paid down and your children getting closer to moving out on their own.

This is a very cost effective solution that inexperienced insurance agents do not often suggest. Say $200,000 of term 20 and $300,000 of term 10 instead of $500,000 of term 20 (which is more expensive) or $500,000 of term 10, which might not be enough in ten years if there is a health concern.

We Always Compare First Before Recommending

As a leading rate comparison website on the Internet, IDC Insurance has easy access to quotes from Canada’s most trusted brands in life insurance. We can help you make comparisons using the same criteria so you can get accurate information and find the absolute best rates.

We will review each quote from over a dozen of Canada’s top companies. We do all the legwork so you can feel confident that the comparisons are accurate and realistic; we want you to find the most affordable and best rates possible.

Not all cost saving options show up on the search engines. We can frequently show additional savings with discounts for two applications or combinations of different coverage types.

Also, there are significant differences between holding companies in terms of service and underwriting. There can be advantages to paying a few dollars more with one particular company because the features of the policy just simply fit your needs better.

For those with past or existing health issues we broker in advance to a select group of companies as well. We try to avoid wasting your time if there is not a good chance the term insurance policy will be issued. We also try giving you alternatives if we feel you might get rated due to health or lifestyle issues.

Additionally, we consider renewal rates, the ability to convert some of your coverage into a permanent policy without medical evidence if your situation changes (if you get a serious illness you might want to have all or part of your policy become permanent life or whole life insurance without a medical).

It’s More Than Just About The Price

IDC Insurance is an independent insurance agency and and making comparisons is what we do. We provide our insurance brokerage services at no cost to you because if you choose purchase the insurance directly through our network of agents, the carrier pays us.

Your request for quote comparisons will not be filtered through junior associates, a call centre sales people, or unknown insurance agents representing unknown agencies. Our licensed brokers are experienced professional insurance agents with years of experience. Thousands of Canadians return to us each year to acquire more services from us because we are a reputable company.

We will work directly to provide you with first hand information so you can make an informed decision and choose the right quote for your situation. We evaluate over a dozen major insurance companies operating throughout Canada to find the best rates practically in every province and territory including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, Yukon and Nunavut.

Insurance rates can vary widely. By making accurate comparisons it is sometimes possible to save up to 40% on your premiums, which means, on average, thousands of dollars saved over the lifetime of the policy. In fact, many people with existing coverage are simply paying too much due to the fact that their insurance was purchased by not first applying for the preferred rates.

When working with one of our agents, you’ll get only trustworthy, accurate information and the best rates possible on the market. We can help you sort through the details of the various companies and their policies so that the comparisons we make are accurate and reflect your needs. We help our customers decide what policy best suits their needs. We can help you find that perfect affordable term life insurance coverage for yourself and your family.

If you are still asking “What is term life insurance?”, let us help you as we’ll be happy to take the time to answer all your questions about life, health, travel and mortgage insurance.

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© 2003-2024, an Internet brand and property of I.D.C. Insurance Direct Canada Inc. All rights reserved. Last updated March 2022.

All product names, trademarks, and trade names are the property of their respective owners. The Insurance Council (BC, AB, SK, MB), Financial Services Commission (ON), Chambre de la Sécurité Financière (QC), The Superintendent of Insurance (NB, NL, PE, NS) are the provincial and federal authorities that regulate, supervise and enforce standards for life insurance professionals. IDC member websites include: Life Insurance Newspaper, Employee Benefits Newspaper

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